Taxes - Fed/State/Property/Sales
#31
Not in Property tax, Home owners insurance, car insurance, sales tax, toll fees/car registration, and health care insurance gaps. That’s mostly in reference to FL. Commuting costs thanks to delayed upgrade, missed premium, redundancies (beater car, crash pad, extra eating out), and more time missed at home for the actual commute will all result in a net loss over the 3.5% income tax. The spreadsheet doesn’t lie.
#32
.
Joined: Nov 2017
Posts: 3,509
Likes: 678
And some states you think would be cheaper, aren't.
Move from VA to NJ.
My property tax, on my house went up. That's it. Everything else went down.
Income tax, effective rate lower (not by much, but 5.6% vs 5.85%)
Property tax on the house, about double as a percentage. ($6k on a house that I sold for $600k, NJ $20k on a $1.1M house)
Not paying $10,000 in taxes on vehicles I already paid tax on when I bought them. City of VA Beach was getting $5000 for my pickup, $2800 for my wife's Expedition, $1100 for my airport beater (25 year old pickup), $1500 for my camper, $300 for one motorcycle, $400 for another motorcyle.
I'm actually paying about $1145 a year less in taxes, in total here in NJ. But I have a much larger, much nicer house, on 9 acres vs my 1400sqft 3/2 brick ranch on 1/4 acre.
If I had gotten a comparable house, it would have been far cheaper.
And yeah, TX really gets you on property taxes. I've had more than a few friends/relative go there, buy something, then start freaking out because the ISD, MUD and other taxes go up as neighborhoods get built out.
Move from VA to NJ.
My property tax, on my house went up. That's it. Everything else went down.
Income tax, effective rate lower (not by much, but 5.6% vs 5.85%)
Property tax on the house, about double as a percentage. ($6k on a house that I sold for $600k, NJ $20k on a $1.1M house)
Not paying $10,000 in taxes on vehicles I already paid tax on when I bought them. City of VA Beach was getting $5000 for my pickup, $2800 for my wife's Expedition, $1100 for my airport beater (25 year old pickup), $1500 for my camper, $300 for one motorcycle, $400 for another motorcyle.
I'm actually paying about $1145 a year less in taxes, in total here in NJ. But I have a much larger, much nicer house, on 9 acres vs my 1400sqft 3/2 brick ranch on 1/4 acre.
If I had gotten a comparable house, it would have been far cheaper.
And yeah, TX really gets you on property taxes. I've had more than a few friends/relative go there, buy something, then start freaking out because the ISD, MUD and other taxes go up as neighborhoods get built out.
#33
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Joined: Sep 2014
Posts: 1,402
Likes: 474
And some states you think would be cheaper, aren't.
Move from VA to NJ.
My property tax, on my house went up. That's it. Everything else went down.
Income tax, effective rate lower (not by much, but 5.6% vs 5.85%)
Property tax on the house, about double as a percentage. ($6k on a house that I sold for $600k, NJ $20k on a $1.1M house)
Not paying $10,000 in taxes on vehicles I already paid tax on when I bought them. City of VA Beach was getting $5000 for my pickup, $2800 for my wife's Expedition, $1100 for my airport beater (25 year old pickup), $1500 for my camper, $300 for one motorcycle, $400 for another motorcyle.
I'm actually paying about $1145 a year less in taxes, in total here in NJ. But I have a much larger, much nicer house, on 9 acres vs my 1400sqft 3/2 brick ranch on 1/4 acre.
If I had gotten a comparable house, it would have been far cheaper.
And yeah, TX really gets you on property taxes. I've had more than a few friends/relative go there, buy something, then start freaking out because the ISD, MUD and other taxes go up as neighborhoods get built out.
Move from VA to NJ.
My property tax, on my house went up. That's it. Everything else went down.
Income tax, effective rate lower (not by much, but 5.6% vs 5.85%)
Property tax on the house, about double as a percentage. ($6k on a house that I sold for $600k, NJ $20k on a $1.1M house)
Not paying $10,000 in taxes on vehicles I already paid tax on when I bought them. City of VA Beach was getting $5000 for my pickup, $2800 for my wife's Expedition, $1100 for my airport beater (25 year old pickup), $1500 for my camper, $300 for one motorcycle, $400 for another motorcyle.
I'm actually paying about $1145 a year less in taxes, in total here in NJ. But I have a much larger, much nicer house, on 9 acres vs my 1400sqft 3/2 brick ranch on 1/4 acre.
If I had gotten a comparable house, it would have been far cheaper.
And yeah, TX really gets you on property taxes. I've had more than a few friends/relative go there, buy something, then start freaking out because the ISD, MUD and other taxes go up as neighborhoods get built out.
however I can guarantee you that ones yearly difference will be entirely covered by a last minute 2 day captain GS which one will be able to do because they’re not a commuter and are living in a “high tax” domicile and can drive a couple hours to work.
#34
Not in Property tax, Home owners insurance, car insurance, sales tax, toll fees/car registration, and health care insurance gaps. That’s mostly in reference to FL. Commuting costs thanks to delayed upgrade, missed premium, redundancies (beater car, crash pad, extra eating out), and more time missed at home for the actual commute will all result in a net loss over the 3.5% income tax. The spreadsheet doesn’t lie.
I’ve lived in Texas and annual savings were underwhelming in certain categories. Even got priced out of buying a house due to property taxes being so high there.
#35
On Reserve
Joined: May 2022
Posts: 22
Likes: 14
#36
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Joined: Nov 2017
Posts: 3,509
Likes: 678
yeah people tend to point to state income tax as the be all end all. It gets complicated when you start trying to figure out your total tax burden. The state will get their pound of flesh,
however I can guarantee you that ones yearly difference will be entirely covered by a last minute 2 day captain GS which one will be able to do because they’re not a commuter and are living in a “high tax” domicile and can drive a couple hours to work.
however I can guarantee you that ones yearly difference will be entirely covered by a last minute 2 day captain GS which one will be able to do because they’re not a commuter and are living in a “high tax” domicile and can drive a couple hours to work.
#37
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Joined: Jan 2023
Posts: 440
Likes: 80
Can’t speak to a resell, but I bought a new construction and insurance is about $1100/yr on a 1750 sq ft 3/2.5 home. Property taxes is about $3500/yr. As far as tolls, it’s negligible depending where you live. Maybe $50/yr for the average person? Car registration isn’t terrible. About $70 for 2 year expiration. Car insurance is heavily dependent where you live in the state. Not sure where FL stacks up against other states tho. I know TX was cheaper in this regard, but that’s about it for me.
I’ve lived in Texas and annual savings were underwhelming in certain categories. Even got priced out of buying a house due to property taxes being so high there.
I’ve lived in Texas and annual savings were underwhelming in certain categories. Even got priced out of buying a house due to property taxes being so high there.
#38
#39
Gets Weekends Off
Joined: Apr 2013
Posts: 4,587
Likes: 429
I lived in FL for about 25 years and my family just sold their last two houses there. Depending on where you live, the insurance can range from not too bad to insanely expensive. Wind and storm insurance has made living on the coast pretty rough. If you don't need a separate wind and storm policy or can self insure, it's not bad.
I loved living there and embrace being a true Florida man, but it's lost almost everything that made it a great place to live outside of a few areas in the panhandle and big bend.
As far as taxes go, though, I don't think you can beat living there. No income tax, sales tax is comparable to most other areas, and property tax is within the norm. You kind of get what you pay for though, especially in central, west, and south Florida where it has become so overcrowded it's insane and infrastructure, schools, and services just haven't grown to meet the demand.
I loved living there and embrace being a true Florida man, but it's lost almost everything that made it a great place to live outside of a few areas in the panhandle and big bend.
As far as taxes go, though, I don't think you can beat living there. No income tax, sales tax is comparable to most other areas, and property tax is within the norm. You kind of get what you pay for though, especially in central, west, and south Florida where it has become so overcrowded it's insane and infrastructure, schools, and services just haven't grown to meet the demand.
#40
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Joined: Jan 2023
Posts: 440
Likes: 80
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